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S.US
id: 753

SentinelOne, Inc. (S) IPO Misleading Case

N.D. California
Court
4:23-cv-02786
Case number
01 Jun 2022
Class period Start
01 Jun 2023
Class period End
07 Aug 2023
Lead Plaintiff motion deadline
  • SentinelOne reported financial results missed estimates, cut previous guidance, and restated annualized recurring revenue.
  • $S fell 35.14%, to levels 61.6% below the IPO price.
  • Investors suspect SentinelOne & its Leaders of misleading.
On June 1, 2023, SentinelOne (S) reported Q1 revenue of $133.4 million, missing consensus estimates by $3.21 million. In addition, the Company cut its previously issued 2024 revenue guidance from a range of $631 – $640 million to a range of $590 – $600 million.

  • SentinelOne also revealed that it had restated its annualized recurring revenue (“ARR”) “as a result of a change in methodology and correction of historical inaccuracies,” leading to “a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR,” as well as an adjustment to “ARR for the prior period in fiscal 2023 . . . based on the same percentage adjustment rate identified in the first quarter of fiscal 2024.”
  • In a letter to shareholders discussing the results, Company management also revealed that it would “implement a workforce optimization plan that is expected to impact approximately 5% of our current employees”.
On this news, SentinelOne’s stock price fell 35.14%, or 61.6% below the IPO price.

On June 30, 2021, SentinelOne conducted its IPO, selling 35 million shares of its Class A common stock at $35.00 per share for more than $1 billion in gross offering proceeds.

Taking all representations, previous guidances, and consequent results into account, Investors have reasons to suspect SentinelOne and its Leaders of misleading statements.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 June 2023
Filing date
06 June 2023
Lead Plaintiff Deadline
07 August 2023
Judge
Hon. Judge Haywood S Gilliam, Jr
Collecting participants…

SentinelOne Inc

SentinelOne, Inc. operates as a cybersecurity provider in the United States and internationally. Its Singularity Extended Detection and Response Platform delivers an artificial intelligence-powered...

    Ticker
    S.US
    ISIN
    US81730H1095
    CIK
    1583708
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    444 Castro Street, Mountain View, CA, United States, 94041